For a business, the second question is what your competition is going to do. If you have a monopoly over something, you can reap the rewards. But if you're in a space with lots of competition, you might not end up with any better profit margins if everyone's in a Red Queen's Race.
I disagree strongly with your broader point. We now have the technology to sort through the minutia of the past and learn deep things. Here's one tiny example. I was able to find out where one of my ancestors lived because someone sent him a letter via General Delivery around 1900 that he didn't pick up. The Post Office listed everyone with letters waiting for them. The smallest detail, but it proved useful for me in tracing my family's origins across the Wild West.
Preserving the past is how we learn, adapt, and grow.
I got into family history fifteen years ago. As a history buff, it was a fun hobby. I even put together family trees for several friends. When I read old newspapers, it's incredible how similar many problems seem to what we face today.
There's also a practical aspect. Last year the Canadian government declared that I can get a Canadian passport if I can prove my links to that country. Now I've reactivated my Ancestry account and would love it if I had a box of personal diaries to sift through for evidence of my heritage.
The rise of low/no fee brokers is a fantastic advancement for the reasons you cite. Robinhood gets grief because it tries to drive people to trade often and take riskier bets when the long-known wisdom is that accumulating wealth requires patience and diversification.
I assure you that poor people have always been focused on money. Every time the rent is due, they are very aware. It's the wealthier folks who have historically had the privilege of being Bogleheads and ignore having to think about the financial implications of every decision they make.
Lower-income families have traditionally had community institutions to support them. You could be a church member for free, hang out at the union hall, or participate in any number of IRL activities that let you quit thinking about cashflow for a few blessed hours.
Replacing community engagement with an obsession over cash isn't healthy, either for individuals or communities.
I don't think Nash envisioned politicians and their aides being able to profit from making decisions. Do you launch an attack on Eastasia? Well the market right now says there's a 40% chance, so I guess it's a good idea to grab your crypto keys and make some bets before you call the Joint Chiefs.
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